BTC - how it looks on Friday and whats to come
Hi all,
Bitcoin is not that interesting in the last few days as were are not seeing the big movements we are used to while trading crypto.
Absolutely nothing changed for me and I remain on my position from Wednesday. That is:
1. I'm bullish in general, But we are obviously in a pullback scenario. For the uptrend to be restored, we would need a stable close above the horizontal support at $9,500/$9,600 and another step up above $9,700 to invalidate the short-term downtrend seen on the 4-h chart.
Additionally, there is the mid-term uptrend (diagonal purple line) that is yet to be recaptured.
2. We cannot talk about a reversal to the downside until we see a move below $8,700 since BTC is printing higher lows since breaking above this level. We already discussed this in the past:
3. There was a rising wedge on daily that for now is not playing a role since bitcoin is stable at around $9,300. As always horizontal supports/resistances are the main things to be watched on a chart since these are the main price drivers due to accumulated orders/stops etc. Formations can only guide us for what the market will do, but only if majority of the traders see and agree with them.
Cheers,
Bitcoin is not that interesting in the last few days as were are not seeing the big movements we are used to while trading crypto.
Absolutely nothing changed for me and I remain on my position from Wednesday. That is:
1. I'm bullish in general, But we are obviously in a pullback scenario. For the uptrend to be restored, we would need a stable close above the horizontal support at $9,500/$9,600 and another step up above $9,700 to invalidate the short-term downtrend seen on the 4-h chart.
Additionally, there is the mid-term uptrend (diagonal purple line) that is yet to be recaptured.
2. We cannot talk about a reversal to the downside until we see a move below $8,700 since BTC is printing higher lows since breaking above this level. We already discussed this in the past:
3. There was a rising wedge on daily that for now is not playing a role since bitcoin is stable at around $9,300. As always horizontal supports/resistances are the main things to be watched on a chart since these are the main price drivers due to accumulated orders/stops etc. Formations can only guide us for what the market will do, but only if majority of the traders see and agree with them.
Cheers,
